Ok, so the price of Gold fell back $100 in a single day.
A lot of people bought lots of this so I imagine some of you will have been worried?
Cyprus is selling theirs if anyone wants to buy it. However because the market is flooding with it has dropped from $1800 per ounce to $1700

Are you selling yours or hanging in there hoping it will go back up?

rx9876

chasbeen wrote:

Ok, so the price of Gold fell back $100 in a single day.
A lot of people bought lots of this so I imagine some of you will have been worried?
Cyprus is selling theirs if anyone wants to buy it. However because the market is flooding with it has dropped from $1800 per ounce to $1700

Are you selling yours or hanging in there hoping it will go back up?

My gold asset is from +27% to -8%.
I think I will wait, but it might be very long.
The last time was 800UDS in 1980, and they wait almost 30 years to be 800USD again.

chasbeen

Yes I always do bad on these efforts so I don't bother anymore.
It's just gambling after all...

deanhills

I'm glad it is falling as I've been wanting to buy some and the price was MUCH too high. So will wait for it to fall some more.

codegeek

I was walking in my city when I passed a jewellery shop. The crowd there was enormous. Many people buying gold. I might be thinking naively, but why would people sell their gold when the price is low? Is it because it might get lower, and take very long to go back up?

rjraaz

Ha Ha Ha...

I am poor guy, Don't have any gold assets so it doesn't matter whether its rate increase or decrease for me.

But, Real state market fluctuations definitely affect.

spinout

So I got a little gold, and the price is high now... But can it go higher in the close future?

RosenCruz

Since 2010, gold made me win too much. Now I m on the side of losers but I m not giving up on gold. Will wait some more, I ve already lost a nice partition of my investments.

standready

I am not worried. I will just hold on.

chasbeen

I sold mine. I got out at 1380 an ounce on Friday. It was worth 1580 just 2 weeks ago.
It's also a big security risk just leaving it lying around the house so in both ways it's a bit of a relief.
I might reinvest at 900 as that is my break even point.

Also DH, don't let it corrupt you.

deanhills

chasbeen wrote:

Also DH, don't let it corrupt you.

I think I've become too pristine over the years. My goodie goodie image needs at least a touch of corruption to balance things out and so I don't get as upset when I do see corruption, i.e. to make me a touch more tolerant of those who are corrupt.

bukaida

chasbeen wrote:

It's also a big security risk just leaving it lying around the house so in both ways it's a bit of a relief.

There is an option of buying gold paper if you have a share trading account. They are much more convenient than the physical gold and does not have any deduction while selling it. No worry about thief, quality etc etc. I use to invest regularly a small amount of money every month, so at the end of the year , it always averages out whether the market is up or down. Gold market is inversely proportional to stock market. The stock market is high now but the history of stock market says-- What goes up must come down.

Recently, I was seeing an interview of a famous investor. When he was asked, how he made so much profit, his answer was simple-- When most of the people sells, I buy and when most of the people buy I sell.

coolclay

I don't know why anyone would sell now! It's basic supply and demand economics. Buy when everyone is selling and sell when everyone is buying. That applies to gold, stocks, bitcoins, and every other form of investment out there!

So no to answer your question I would definitely not sell right now.

watersoul

chasbeen wrote:

Are you selling yours or hanging in there hoping it will go back up?

The only gold I own is in the miniscule amounts found in my electronic devices, and the wedding ring my now ex wife gave me, hiding away in a drawer for years.
I continue to keep it as she is now my best friend as well as the mother of my child, it represents an event that was part of the story which made my son, to me that's worth much more than its monetary value.

...obviously if it could be sold for a few thousands+ I would of course be interested.
My sentimentality in life does have a sensible business mind overseeing things in the background.

grofet

For me gold and silver is for transaction as main money, not for speculation (gambling). It is banned by my religion since it will makes many people suffer of the price flow.

deanhills

grofet wrote:

For me gold and silver is for transaction as main money, not for speculation (gambling). It is banned by my religion since it will makes many people suffer of the price flow.

If I may ask, what religion is that?

kaysch

grofet wrote:

For me gold and silver is for transaction as main money, not for speculation (gambling). It is banned by my religion since it will makes many people suffer of the price flow.

I think I may understand what he's talking about. Islam is the only religion I am aware of where gambling is prohibited. His logic must be not to buy/sell gold if he assumes the price would change as that would be speculation or - in other words - gambling.
Although I am not a muslim I have a lot of sympathy for the ideas of Islamic finance as it tries to avoid many of the bubbles western finance has produced.
However I don't agree with his logic in this particular case. The idea of buying gold is a long-term risk-averse strategy. In other words: you try to avoid gambling by buying something supposedly stable. How can that be un-islamic or immoral? Nobody will suffer of the price flow if you buy gold. In fact in many cities of the Muslim world there is a large gold market.
Of course the story is different if you buy gold just because you expect a rise in prices or want to sell it later because you expect the price to rise. That would be gambling and - as such - be against Islamic morale.
The borders are thin. Which is the weak point in Islamic finance. You change one word, and it becomes acceptable. You change another, and it is highly immoral. At the end of the day, it depends on the view of the local mullah who has a personal advantage just by expressing his view.

Da Rossa

All I know is gold is the unique language everybody understands. I've never seen its price drop in my life... actually, I don't research regularly. But when local currencies are devalued, naturally or artificially, the gold is still there, strong and solid. I didn't help much I know :p

deanhills

Da Rossa wrote:

All I know is gold is the unique language everybody understands. I've never seen its price drop in my life... actually, I don't research regularly. But when local currencies are devalued, naturally or artificially, the gold is still there, strong and solid. I didn't help much I know :p

Thanks for clarification Dean. It's always good to step ahead the common knowledge.

deanhills

Da Rossa wrote:

Thanks for clarification Dean. It's always good to step ahead the common knowledge.

Right. I'm almost certain we're fluctuating now as well, someone has put a rumour in somewhere, and quite a large number of people have made loads of money out of it.

Da Rossa

But do you agree that gold is supposed to be the form of value that doesn't degrade over time? Normally, gold should become a rare element... and it's like the universal currency...

deanhills

Da Rossa wrote:

But do you agree that gold is supposed to be the form of value that doesn't degrade over time? Normally, gold should become a rare element... and it's like the universal currency...

Yes I would. In essence. But like other commodities type trading, people can make it of a gambling nature rather than an investment. But yes, it doesn't seem to lose its value.

Nyasro

Gold will rise up again, so i am waiting for price rise

kaysch

Nyasro wrote:

Gold will rise up again, so i am waiting for price rise

Gold is mined for constantly, so it becomes less rare every day. On the other hand, the world population is rising, and so the demand rises, too.
The question is just whether the demand for gold is higher than the supply at any given time.
During the financial crisis so many people bought gold that the price rose. In my mind there is a bubble in the market now. So it's not a very stable investment in the short run.
But in the long run it could be a stable investment.

dharmin

From what i understand, it is still a safe bet to buy gold as a commodity...that is buy it virtually on the commodities market..because i read somewhere experts have predicted the price of gold to increase rapidly again after a few years after the euro crisis blows over!
The main reason for the steep decline in gold price was the massive offloading of Actual gold reserves by the reserve bank of cyprus, to adjust the drop in the value of their currency!
Even though the value of gold sold was only 600m euros, it was considered risky for gold prices because there was a chance that other troubled european economies might follow suit!
Personally, i feel you should Not sell your current gold holdings any time soon..because from what we have seen over the last century, gold prices will bounce back to new heights in the next decade!

IndieCthulhu

Oh god no, In my old job i saw hundreds of grams of gold a day... gold prices... keep your gold... gold gets used. it is precious... it does go up and down, but as soon as it plummets people will buy it all up cheap then the price will rise tremendously again because it has been bought up and there is little of it left on the market. (well in the grand scheme of things)

raaeft1

My wife says gold must not be sold. Rather, it can be used to create jewellery for our daughter's weddings.
The general attitude in India, especially amongst women, is to buy gold in whatsoever quantity when one can afford it.

coolclay

raaeft1, your wife is a smart women! It's better than putting your money into banks that is for sure, at least for the past 10 years.

chasbeen

I'm not buying anymore for the time being. I'm waiting until it drops some more.

mukesh

I have no interest in gold and silver so I don't care about this.

But my one friend which have share trading business and they earn good money when silver, gold and other value up and down then.

Insanity

I too have some friends who are into investing in precious metals like gold. I don't myself, but I should forward the information.

nickfyoung

I can remember discussing with my mate the value of gold. It was not that long ago and we were wondering if it be worth buying because it had hit a bit of a high and we were wondering if it could go any higher. The price then was at $500. Should have bought truck loads. The benefit of hindsight would be a wonderful thing. But then they say the same about real estate. Imagine if you still had your first house. What would it have been worth now.